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  • Yeah, you mentioned gold there and you know, Peter Schiff will tell you, gold is real, gold is in jewelry, gold is in production and future production.

  • And you're talking about something, I can't see um something that's digital and something that's a Ponzi scheme and it's only valuable to someone else's think it's valuable.

  • And I've seen you guys debate and there's gold bugs out there and there's the fuddy duddy is like you said the boomers that still can't see it and are wondering what's going on.

  • I'm curious what Buffett and munger think right now and even what they'll think in a year if you sat him down, but he probably isn't till that rat poison, but he's probably somewhere around there.

  • What do you say to those people that say, I can't see it, I can't do it.

  • And also as you asked, Peter on the end of your debate, I think you did with the economist, when must they capitulate?

  • Where does the evidence needed for them to say, okay, you're right.

  • Well, I think in Peter's case it's never, although I always cheapest lee say to him, he's probably long Bitcoin right now because you can't take the pain of missing out like this, but I think, you know, listen in that debate, um you know, he made a lot of good points.

  • I am not negative on gold.

  • I don't see gold trading 20 gold has been with us for 5500 years.

  • I'm not negative on it.

  • I'm just saying that Bitcoin is providing something into the international commercial activity that is very valuable, a result of which it will become more and more valuable.

  • I do think it will get to the market cap of gold.

  • So a Bitcoin right now is $800 trillion dollars in market cap and gold is seven or eight.

  • And I do think that Bitcoin will trade to that.

  • So he'll say that it's worthless but then he's not factoring in the value of the network.

  • As I tried to point out Bitcoin is the network.

  • So excuse me, just stop and think about that for a second.

  • We've got 180 million users now on their way to the billion.

  • You can't tell me that that's not valuable.

  • Professor Robert Medcalf Who invented the theory of Metcalfe's law would tell you that that's valuable.

  • Uh that's the process that made Facebook and Google and all these companies valuable.

  • But he'd say well you know you can't manufacture that etc.

  • But let me tell you something.

  • Gold's representation of its value is only 5% of it In the jewelry and the manufacturing.

  • The other 95% of it is the perception of value.

  • You have to remember that about the way people think and work.

  • There is a friend of mine that bought a car board, rectangular shaped piece of paper.

  • It's cardboard, it has four color process print on it from the mid century the 20th century.

  • There's a picture of mickey mantle on that card.

  • It's not even a great picture of them.

  • It's not, it's not HD quality or anything like that.

  • That car just sold for $5.2 million.

  • There's an art, Uh, the Salvador Monday.

  • You know, there's a big debate over who actually painted it, but people think Davinci painted it.

  • It sold for $450 million.

  • What is it exactly?

  • Well it's a stretched piece of canvas with acrylic paint on it.

  • Okay so how could that be worth anything?

  • And then if you stop and you think about it while it is to human beings because there's scarcity, there's artistry, there's a whole set of things from a sociological and psychological perspective that make things worth something to human beings.

  • And I think where Peter is missing out on this is those cryptographic are worth something because they are perceived to be worth something and they're worth something because I know I can transfer those to somebody that believes they're worth something the same way I can transfer that piece of fabric with Ben Franklin's face on it.

  • It's just a piece of fabric, it's not worth anything but it is to somebody.

  • Okay and and that is tied to the way human beings have interacted for 5500 years.

  • Bitcoin represents an improvement on that.

  • Um One of my friends who will remain nameless, he lives in a monarchical dictatorial society.

  • So we're just gonna leave the country nameless to, He said, well let me tell you something.

  • He said, if I got to leave the country, I can hide $200 million dollars of Bitcoin in my body somewhere.

  • Okay On a U.

  • S.

  • B.

  • I can't do the same thing with gold.

  • And it just tells you about the user friendliness and the transferability of what Bitcoin is representing.

  • So listen, you know, you asked about buffet, I just want to address this for a second.

  • Anybody that's done the homework, the homework that I've done or you've done has changed their mind.

  • I'm not a Bitcoin evangelist.

  • You know brian, I don't think jesus got together with moses.

  • They had a baby and they named the baby Bitcoin.

  • That is not me.

  • I'm an investor who's a skeptic and an investor that's been burned many times in my career.

  • So I have to always be watchful of that.

  • But I can tell you if Ray Dalio said he didn't like Bitcoin and he did his homework.

  • He now owns Bitcoin, stan Druckenmiller, I don't like Bitcoin did his homework.

  • He now owns Bitcoin.

  • That would also include paul Tudor jones steve cohen from 0.72 now the Met owner, uh, Daniel Loeb, The billionaire investor at 3rd point, so my point is if Warren Buffett and charlie munger did the work, I think they would see Bitcoin very differently.

  • Uh, last quick point I was at the Allen and Company Sun Valley media conference with Mr Buffett And a gentleman by the name of Jeff Bezos in the year 2000, Jeff Bezos was making a presentation about a company called Amazon and he was explaining, Yes, I'm losing money, but I'm scaling right now and as I scale, I'll be able to sell everything on this internet platform and a result of which this will be very valuable because of med cache law.

  • The next speaker was Warren Buffet.

  • He said, yeah, that sounds nice.

  • I will never invest with you.

  • You're not making any money and a result of which I don't get it.

  • And I'm gonna stay inside my circle of competence.

  • Well, if you had, if you had invested with Jeffrey Bezos on May 15, 1997, you put $10,000 into the initial public offering.

  • It's worth $21,140,000 today.

  • However, you would have to subject yourself to eight periods of time where it dropped at least 50% 1 period of time where it dropped 85 a half percent.

  • And there was a Baron's news article cover story uh, said amazon dot bomb the final days of amazon.

  • And so what happens to be with Metcalfe's law, they adopt, they have huge volatility curses.

  • People are trying to get an understanding of what's going on.

  • Uh, but the they ascend and I think if Warren Buffett and charlie munger got outside of that style box and did their homework.

  • The Ray, the way Ray Galileo did it, I think you would find them to be users and owners of bitcoins.

Yeah, you mentioned gold there and you know, Peter Schiff will tell you, gold is real, gold is in jewelry, gold is in production and future production.

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BITCOIN vs GOLD ? Anthony Scaramucci on Peter Schiff, Bitcoin & Gold

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    林宜悉 posted on 2021/11/18
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